**UPDATE** Has this happened to any other resale buyers? Fidelity made it right!

[Matty B13]

I would tell the Title Company that you want the Contract Enforced and you want the compensation for the missing points. I don't think you really have any recourse otherwise, seems the points have been used and/or transferred out to the contract you bought. It is time for the Tittle Company to do their jobs and get this corrected for you and get you the compensation stated in the contract.

 

[Sandisw]

So in this situation you both blame fidelity over DVC Title? I honestly can't believe there are no checks on this sort of thing. Yes there is a $25 pp fee but I'm sure what's going to happen is someone is going to say they will reach out to the sellers or something like that and I can see this taking a while to get resolved. I probably won't get any compensation but I'll have been without those points for weeks while it gets sorted out. Not ideal. I really did think that a sale was impossible if any of the contract points were currently being used in a reservation.
@Sandisw you think they transferred the points to someone else's account? The MS guy I spoke to says the person that looked into it saw the points in a 2024 reservation. Is that the same thing? Because I specifically asked him if the points were used to make another reservation that they can see and he said yes.

They can’t transfer ownership with a reservation still booked. If they did this, then the points had to be transferred and he can see that.

When people sell, the owner is required to send a screenshot of the points activity. Obviously, This broker doesn’t get an update before closing?

If this owner had multiple memberships, then it’s possible to have transferred the 2024 points already.

 

[jason423]

I thought that couldn't be done either but MS said nope...a contract can definitely be sold while points are in play. Crazy huh! FWIW Disney MS are really very nice about helping as much as they could.

So strange. Here is what it says on the DVC site

https://disneyvacationclub.disney.go.com/faq/reselling/pending-reservations

 

[Sandisw]

I am currently working with Fidelity on a BWV contract and after speaking with @TheDailyMoo in chat, I asked my agent for screenshots of the sellers dashboard and point transactions. The fidelity agent supplied them instantly. Not sure if the agent has access to the members dashboard or he just had the pics already. But I am fairly confident mine will be ok. And sometimes it is an honest mistake or whatever.

Just be aware that until MA goes to actually transfer an owner can still use and access the points.

The process of sending screenshots is normal and I have always had to do it. But other brokers have had me do it for closing as well…but also a downloaded copy of my points activity statement, not just screenshots.

Brokers do not have access to owners account unless someone gives access. I never would do that.

I am sure it will be fine, but be sure to ask for updated proof during closing too!

 

[Matty B13]

So strange. Here is what it says on the DVC site

https://disneyvacationclub.disney.go.com/faq/reselling/pending-reservations

View attachment 817890

This is why most of us here think that the points were transferred out of the account, and why DVC can't do anything about it. It is up to the Title Company, to take compensation from the funds of the sale to make the Buyer whole for the missing points.

 

[TheDailyMoo]

So strange. Here is what it says on the DVC site

https://disneyvacationclub.disney.go.com/faq/reselling/pending-reservations

View attachment 817890

Yeah I don't get it. There must've been some period of time after sale but before transferring the contract that is a loophole? I specifically asked the guy who helped me at MS and he said it like it was a huge secret that people don't know...he had that tone in his voice. "Ohhhh yeah it can be sold while a reservation is in progress" (not verbatim but you get the idea)

 

[TheDailyMoo]

I just received an email back from Fidelity saying that they will be in contact with the seller to cancel their reservation and have the points put back in. I mean I'm being nice about it, not making a huge stink or anything and will be fine if I get the points back but...what the heck did I pay you a service fee for...and what did I pay the title company all that money for? I thought all of the fees were to ensure a smooth and clean transaction.

 

[cdirazonian]

The ones I've talked to say that they have a printout from the dashboard or even that they have access to the dashboard. They even say they look at it again right before the deed is filed.

I asked my agent for screenshots of the sellers dashboard and point transactions.

So they cancel the resv but they can still transfer them out. That just makes me want to use the comptroller site even more to see if the seller has multiple contracts.

if I’m buying a resale, after the p&s i usually look @ the comptroller site for curiosity sake, but now I’m going to be looking if they have additional contracts and maybe be a little more proactive with asking for a recent dashboard printout.

Might help, might not. Won’t help if seller transfers out to someone else though.

 

[DanCali]

This is why most of us here think that the points were transferred out of the account, and why DVC can't do anything about it. It is up to the Title Company, to take compensation from the funds of the sale to make the Buyer whole for the missing points.

I believe the normal process is to send funds to the seller the day the deed is recorded. They don't wait around for the buyer to confirm that the points are in order.

 

[Matty B13]

I believe the normal process is to send funds to the seller the day the deed is recorded. They don't wait around for the buyer to confirm that the points are in order.

Yes, but usually you send your paperwork in a few weeks before the closing, so it makes since to wait till you hear from the Title Company that the Sellers have signed and sent in their paperwork..... and then send the funds once this has been confirmed. Then the Deed can be Closed at anytime.

 

[Sandisw]

Yeah I don't get it. There must've been some period of time after sale but before transferring the contract that is a loophole? I specifically asked the guy who helped me at MS and he said it like it was a huge secret that people don't know...he had that tone in his voice. "Ohhhh yeah it can be sold while a reservation is in progress" (not verbatim but you get the idea)

Until MA has documentation of the sale, owners have full access to the contract.

They can’t stop an owner from using the account until they get proof it was sold, which happens when they go to transfer the contract to the new owner.

What has happened to others is that when a reservation was noted, MA held off transferring vis canceling it…which is what they should be doing.

But, your situation seems different in that they are seeing that a points are being used elsewhere.

 

[aceshigh73]

Due Dilligence.. because of this gem in the Fidelity contract, technically if there's a mistake, Fidelity can tell you to go pound sand.

 

[cdirazonian]

I mean I'm being nice about it, not making a huge stink or anything and will be fine if I get the points back but...what the heck did I pay you a service fee for...and what did I pay the title company all that money for? I thought all of the fees were to ensure a smooth and clean transaction.

Yeah I did too, Good luck

 

[cdirazonian]

Due Dilligence.. because of this gem in the Fidelity contract, technically if there's a mistake, Fidelity can tell you to go pound sand.

Yes. I just looked at my contract and saw that (in process of small contract with them). Also saw where seller would have to pay $25/pt if missing points, but if seller is already paid funds how are they going to force seller to pay that?

I believe the normal process is to send funds to the seller the day the deed is recorded. They don't wait around for the buyer to confirm that the points are in order.

I would be nice if there was some sort of hold or waiting time

 

[aceshigh73]

Yes. I just looked at my contract and saw that (in process of small contract with them). Also saw where seller would have to pay $25/pt if missing points, but if seller is already paid funds how are they going to force seller to pay that?


I would be nice if there was some sort of hold or waiting time

Exactly what I was discussing with @TheDailyMoo... Now you are fighting with an out of state seller (more than likely), and have to sue them if they dont give up the cash. Probably has to be in Florida... could be a huge mess.

 

[Sandisw]

Yes. I just looked at my contract and saw that (in process of small contract with them). Also saw where seller would have to pay $25/pt if missing points, but if seller is already paid funds how are they going to force seller to pay that?


I would be nice if there was some sort of hold or waiting time

Some title companies will hold funds until the transfer is complete. I have had that happen.

 

[Canchaser143]

This really is such a shame and I hope it can be resolved!! This was one of my fears when buying resale. I do feel like it really depends on who the broker is for Fidelity though, I would not lump them all into the terrible camp. I had a great experience with two of their brokers! But in all seriousness how does a broker let this go through and not catch it....

 

[TheDailyMoo]

I would be nice if there was some sort of hold or waiting time

yup. There should be. This feels like the Wild West of real estate transactions

 

[TheDailyMoo]

Due Dilligence.. because of this gem in the Fidelity contract, technically if there's a mistake, Fidelity can tell you to go pound sand.

So worse comes to worst they wash their hands of it and it's up to you the buyer to begin litigation?

 

[TheDailyMoo]

This really is such a shame and I hope it can be resolved!! This was one of my fears when buying resale. I do feel like it really depends on who the broker is for Fidelity though, I would not lump them all into the terrible camp. I had a great experience with two of their brokers! But in all seriousness how does a broker let this go through and not catch it....

You know I've used Fidelity exclusively and until now had a good experience so I try not to trash them however I didn't even mention that this particular BCV listing was listed with 2023 points and when the sellers accepted I was still under the impression I was getting the listed points until I got the contract and...no 2023 points! I called and the broker said the equivalent of "whoops". The price was extremely good so I still took it but man that was a red flag right there!